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Washington –
Today
U.S.
Senator
Tim
Scott
(R-SC)
introduced
the Investing
in
Opportunity
Act,
a
bipartisan
bill
proposing
a
new
solution
to
encourage
economic
growth
and
job
creation
in
economically
distressed
communities.
Senator
Cory
Booker
(D-NJ)
and
Representatives
Pat
Tiberi
(R-OH)
and
Ron
Kind
(D-WI)
joined
Scott
to
introduce
the
bill,
which
offers
a
temporary
capital
gains
deferral
in
exchange
for
reinvesting
those
dollars
into
distressed
communities.
Currently,
more
than
30
percent
of
South
Carolina’s
population,
or
1.4
million
people,
live
in
an
economically
distressed
area,
a
number
that
rises
to
50
million
Americans
nationwide.
With
American
investors
currently
holding
trillions
of
dollars
in
unrealized
capital
gains,
the Investing
in
Opportunity
Act provides
an
innovative
framework
for
reinvesting
those
dollars
into
communities
that
need
it
most.
“We
must
look
for
innovative
solutions
to
help
the
millions
of
Americans
living
in
poverty
and
in
distressed
communities
around
the
nation,”
Scott
said.
“With
investors
holding
trillions
in inactive capital, I
believe
the Investing
in
Opportunity
Act provides
a
conduit
to
encourage
private
investment
in
communities
that
are
suffering.”
Scott
continued,
“I
know
that
for
so
many
living
in
low-income
communities,
all
folks
are
looking
for
is
the
opportunity
to
succeed.
The Investing
in
Opportunity
Act can
provide
the
chance
that
entrepreneurs
and
small
businesses
are
looking
for
to
grow,
innovate
and
create
jobs.
I
want
to
thank
Senator
Booker
and
Representatives
Tiberi
and
Kind
for
their
work
on
this
important
legislation,
and
I
look
forward
to
building
support
in
Congress
for
our
bill.”
The Investing
in
Opportunity
Act opens
the
door
for
private
investment
in
economically
distressed
communities
in
the
following
ways:
- Removes
a
barrier to
investment
through
a
temporary
capital
gains
deferral
in
exchange
for
reinvesting
in
distressed
communities
- Encourages
investors
from
across
the
nation
to pool
resources through
newly-created
“Opportunity
Funds”
--
established
specifically
for
making
investments
in
distressed
communities
- Concentrates
capital by
establishing
“Opportunity
Zones”
--
geographically
targeted
low-income
areas
that
will
be
designated
by
governors
- Provides
incentives
for
investors
to
make long-term
commitments to
these
communities
Research
by
the
Economic
Innovation
Group
recently
found
that more
than
50
million
Americans live
in
economically
distressed
communities,
which
suffer
from
a
lack
of
investment
and
business
growth.
The
Opportunity
Funds
created
by
this
legislation
will
provide
a
high-impact
source
for
funding
new
businesses,
developing
blighted
properties,
investing
in
local
infrastructure
projects,
financing
facility
construction
or
refurbishment,
and
a
host
of
other
activities
to
new
opportunities
for
local
residents
and
enhance
the
local
economy.
Senator
Scott’s
Opportunity
Agenda
includes
the Investing
in
Opportunity
Act,
as
well
as
the CHOICE
Act and LEAP
Act,
which
focus
on
education
and
workforce
development.
To
read
more
about
his
agenda,
visit https://www.scott.senate.gov/OpportunityAgenda.
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